Citi now expects stablecoins to lead the next growth wave in crypto, lifting its 2030 supply forecast to 1.9 trillion dollars with a best-case ceiling of 4 trillion dollars. The shift reaches corporate treasuries, custodians and derivatives firms, signaling broader institutional integration and operational changes across markets.
The bank frames this as a turning point for large investors, with the trajectory hinging on clearer rules and anti-money-laundering controls expected in 2025. If that framework arrives, banks and funds may feel safer, tightening links to traditional finance.
Citi calls the trend a possible “ChatGPT moment” for big investors and has raised its supply estimates: under the base case, stablecoins in circulation reach 1.9 trillion dollars by 2030; under the upbeat case, they climb to 4 trillion dollars, from about 200 billion dollars at the start of 2025. A stablecoin is a digital token pegged to a fiat currency or other asset so its price stays steady, a feature that underpins their growing role in digital markets.
What stablecoins are and why they matter
Supply has already jumped from roughly 200 billion to roughly 280 billion dollars in 2025, cementing these tokens as the main tool for settling trades and providing liquidity in spot and derivatives markets. Regulatory steps in 2025—clearer laws and tougher AML checks—will likely decide the pace, and if implemented, could deepen integration with traditional finance.
Citi plans to support this shift with concrete infrastructure: the bank will launch crypto custody for institutions in 2026 and begin work on tokenized private assets with a milestone set for the third quarter of 2025, aiming to meet direct demand from funds and corporates.
Institutional uptake is set to accelerate as custody offerings and tokenized treasury products draw higher demand, creating new business for regulated custodians and giving treasury desks more standardized, compliant rails.
Risk and compliance will move to the forefront since industry data indicate stablecoins handle a large share of illicit value—Chainalysis finds a significant slice of dirty money runs through those tokens—making robust AML controls and full traceability critical for institutions.
Citi’s roadmap provides clear checkpoints for institutions: tokenized private-asset work hits a key stage in the third quarter of 2025 and custody services go live in 2026. As these dates approach, institutions will watch both to recalibrate market exposure, compliance steps and cash planning, while the arrival of 2025 rulemaking will determine how quickly stablecoins anchor the next phase of crypto growth.
